The Russian Central Bank Warns of Increasing Crypto Themes in Financial Scams
The Russian Central Bank has reported a significant rise in financial scams with crypto-related elements. According to the bank, almost all the scams detected last year had a crypto theme. It stated that every second pseudo-investment project in 2022 accepted cryptocurrency payments or was crypto-related, and in 2023, nearly all pyramid schemes and illegal brokers offered investments in cryptoassets or accepted cryptocurrency payments.
Increase in Illegal Activities
The Russian Central Bank identified over 5,700 entities involved in illegal activities, including financial pyramids. However, the bank noted that scam projects are becoming shorter-lived and causing less financial damage on average.
Blocking Access to Web Pages
In response to the rise of these scams, the bank has blocked access to more than 11,200 web pages belonging to illegal participants in the financial market and operators of financial pyramids.
Legal Action Against Scammers
The bank has initiated more than 125 criminal cases against suspected Russian financial scammers who made use of crypto or crypto themes. Additionally, it has launched 620 administrative cases into suspected irregularities. The bank is also collaborating with the Federal Antimonopoly Service and Roskomnadzor, the national censorship body.
List of Suspected Scams
The bank maintains a public list of suspected financial scams and pyramids which includes social media chatrooms, crypto-related games, bogus exchanges, crypto trading bot scams, and firms operating crypto mining-themed scams.
Warning Against Prominent Crypto Scam
In January, the Russian Central Bank cautioned the public about a popular crypto scam based on the TV series “The Boy’s Word: Blood on the Asphalt” (also known as “Slovo Patsana”).
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